Why NetEase (NTES) Stock Is Falling

NetEase Inc NTES shares are trading lower by 4.80% to $85.21. Tuesday's trading performance of numerous Chinese stocks is witnessing a downward trend, potentially triggered by apprehensions surrounding a resurgence of COVID-19 cases in China.

Furthermore, persistent concerns regarding China's economic recovery are exerting a continued adverse influence on the sector.

What Else?

Per a recent report by CNBC, COVID infections could reach as many as 65 million cases per week by the time the surge peaks at the end of June.

Respiratory disease specialist Zhong Nanshan shared data on the new wave of infections during a recent medical conference in Guangzhou, as reported by CNBC.

Per CNBC, Zhong Nanshan indicated that the wave, which commenced in late April, was expected, with his modeling suggesting a potential surge of around 40 million weekly infections in China. He further projected that by the end of June, the weekly number of infections would reach its peak at 65 million.

According to data from Benzinga Pro, NetEase has a 52-week high of $108.77 and a 52-week low of $53.09.